"This document is for information purposes only and is not a complete summary of all the terms of the relevant securities. This document shall not constitute an offer to sell, or the solicitation of an offer to buy or sell any securities described herein. You must independently determine, with your own advisors, the appropriateness of any securities before investing. JSC VTB Bank and its affiliates do not accept any liability whatsoever for any consequential losses arising from the use of this document or reliance on the information contained herein.
THIS DOCUMENT DOES NOT DISCLOSE ALL THE RISKS AND OTHER ISSUES RELATED TO AN INVESTMENT IN THE SECURITIES. PRIOR TO TRANSACTING, POTENTIAL INVESTORS SHOULD ENSURE THAT THEY FULLY UNDERSTAND THE TERMS OF THE SECURITIES AND ANY RISKS. THIS DOCUMENT IS NOT A PROSPECTUS. INVESTORS SHOULD ONLY SUBSCRIBE FOR ANY TRANSFERABLE SECURITIES DESCRIBED HEREIN ON THE BASIS OF INFORMATION IN THE BINDING TRANSACTION DOCUMENT(S) AND NOT ON THE BASIS OF ANY INFORMATION PROVIDED HEREIN."
JSC VTB Bank (VTB) carries out its funding operations in international capital markets in different forms including its Euro Medium-Term Note (EMTN) Programmes, which are structured as Loan Participation Note Programmes. Under these Programmes, a VTB special purpose vehicle (SPV), VTB Capital S.A. (Luxembourg) or VTB Eurasia Ltd. (Ireland) provides loans to VTB (Moody`s: Baa2, Standard & Poor’s: BBB) from the proceeds of the Loan Participation Notes issued by VTB via public or private placement. Short-term liquidity (up to 1 year) is raised through the ECP (Euro Commercial Paper) Programme via VTB ECP Finance Ltd. (Ireland) issuing notes under VTB Bank guarantee.
Liquidity management is centralized. VTB subsidiaries have limited access to capital markets, as the main borrower is VTB Bank.